Outlook 2014Outlook 2014

Our guidance for 2014 is based on expectations of slow and still fragile macroeconomic growth and a continuation of low interest rate levels in our core markets.
Furthermore, the guidance is based on accounting figures adjusted for the transfer of Personal Banking and Business Banking activities in Ireland to the Non-core unit effective from 1 January 2014 *see note.
We expect total income above the 2013 level of DKK 39.7 billion, driven by increases in most income items. This figure is adjusted for the discontinuing operations in Ireland. We expect low demand for loans and thus a slight decrease in lending volumes, with the effect being offset by lower funding costs.
Expenses are expected to be around DKK 23 billion after the transfer of discontinuing operations in Ireland to the Non-core unit.
Impairment charges on our core activities are expected to be broadly in line with the 2013 level of DKK 4.1 billion.
We reaffirm our previously announced expectation for Non-core Ireland impairments and thus estimate impairment charges of up to DKK 2 billion in 2014.
We expect net profit for 2014 in the range of DKK 9-12 billion.
In preparation for the repayment of the state hybrid capital in the first half of 2014, we expect to issue further capital in the form of debt instruments in the
coming quarters.
This guidance is generally subject to uncertainty and depends on economic conditions. Our trading income and insurance business income are particularly uncertain. The 2014 results for trading and insurance will depend greatly on developments in the financial markets and the possibility that Danica Pension can book the risk allowance and part of the balance on the shadow account to income.
*Note: Note 38 provides additional information. 
Archive - Previous outlook statements
31 October 2013
1 August 2013
2 May 2013
7 February 2013
30 October 2012
7 August 2012
10 May 2012
9 February 2012
1 November 2011
9 August 2011
10 May 2011
10 February 2011
2 November 2010
10 August 2010
4 May 2010
4 February 2010
3 November 2009
11 August 2009
5 May 2009
5 February 2009
28 October 2008
7 August 2008
29 April 2008
31 January 2008
30 October 2007
9 August 2007
1 May 2007
31 January 2007
31 October 2006
10 August 2006
2 May 2006
9 February 2006
1 November 2005
11 August 2005
3 May 2005

Last updated on 6 February 2014

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